Gold prices rose on Tuesday. The metal rebounded from a more than one-month low hit in the previous session. Escalating Middle East tensions fueled the recovery. Geopolitical uncertainty increased the safe-haven appeal of gold as inflation concerns rose.
A strong U.S. dollar and surging oil prices created headwinds for the precious metal. Rising oil prices intensified inflation risks, supporting a restrictive Federal Reserve policy.
The SPDR Gold Shares ETF (GLD) recorded $1.61 billion in outflows. These withdrawals occurred during the week ending May 1.